The sale of a former oil depot could give an Anglesey-based charitable trust a massive cash boost.

Trustees of the Isle of Anglesey Charitable Trust have approved a proposal to draw up detailed options for the marketing of the 200-acre site at Rhosgoch near Amlwch.

Meeting in private earlier this week the trustees, all members of Anglesey Council, considered a report drawn up by consultants.

The Trust was established in 1990 by the former Anglesey Borough Council to administer money received from Shell (UK) when the company closed their oil terminal near Amlwch.

Last year the fund was valued at £15.057m and trustees were able to make grants totalling more than £500,000 to 50 island based organisations.

The trust’s annual report values the Rhosgoch land at £3m but experts believe the land could be worth a lot more given the recent upturn in the economy.

Anglesey Charitable Trust Secretary, Richard Parry Jones, said: “Trustees are currently considering the sale of the former Shell depot at Rhosgoch. A future sale would bolster the trust’s capital fund and allow us to increase the benefits it currently provides to island communities.

“We are currently undergoing a process of due diligence in order to ensure we adhere to our responsibilities as a charity and expectations of the Charity Commission.

“Trustees have appointed DTZ to support them in this process and to undertake a detailed options appraisal, followed by a marketing campaign to attract potential bidders.”

It is not the first time the Trust have proposed selling the site.

In 2000 it was agreed to sell the former depot to Burlington Resources for £5.5 million in the first step towards having a gas-fired power station built on the island.

Those plans did not come to fruition.

Last year it was suggested a giant Irish Sea windfarm, which could create hundreds of jobs, could build a huge new sub-station at Rhosgoch.

Centrica Energy/DONG want to build a 440 turbine windfarm, one of the UK’s biggest, 11 miles off the north coast of Anglesey.

Three years ago a consortium of town and community councils in north Anglesey called for the site to be transformed into a “Centerparcs” style park that could attract thousands of tourists each year.

Developers of Wylfa B were asked to kickstart the project by first building accommodation at the site to house many of the workers required to construct the new power station.

Once this is completed the holiday properties at Rhosgoch would then be developed as a tourism hotspot.

The site was also put forward as a possible site for the new North Wales prison.